A MAJOR CHANGE TOWARD A “WIDER RANGE” OF PRODUCTS ANNOUNCED FOR H&M

In a message from H&M’s new CEO Daniel Erver, the brand will make significant business changes following recent poor sales and growth numbers.

The fashion industry as a whole has undergone a recent tumult of top leadership upheaval and this transition has not spared the fast-fashion giant. The previous CEO Helena Helmersson stepped down in January 2024.

The change is in response to a stagnation of company sales numbers which from 2019 to 2021 were meteoric at with growth in 2020 up 43% from the previous year. That all changed in 2022 and since that year the brand’s numbers have stagnated with nearly no change, with 2024 a paltry 1.4% over the previous year. Much of that decline is being blamed on lackluster holiday sales.

To combat this, the new CEO is vowing to expand the product range offered by the retailer. “We have developed an extended range of elevated products where we raised the quality,” Ervér said. “We see a very big interest in products with a wider price range than what we were offering before.”